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Fair market value is the measure of adequate compensation in eminent domain.
A subsurface interest in land should include an easement or license for surface use for
access.
F Under the UPC, a personal representative is appointed only in testate estates.
Landlords can refuse to accept Section 8 tenants.
Variances are unconstitutional.
The EPA cannot require approval for immaterial changes to a plant.
Execution of a deed by a grantor and placement in the grantor's safe deposit box is
sufficient for delivery.
The Equal Protection Clause of the Fourteenth Amendment of the U.S. Constitution
requires the federal government to apply laws equally to all citizens so they all have the
same opportunities for land ownership.
If a deed is executed, acknowledged and recorded, there is presumption of delivery and
acceptance.
Expansion of an airport runway in a national park requires an EIS.
The implied warranty of habitability has been extended to apply to buyers who
purchase the home within the builder warranty period.
CERCLA liability does not extend to lessors of property.
Penalties for late payment of mortgages are valid.
A buyer's counteroffer is automatically rejected when the seller sells to someone else.
A tenancy by the entirety requires four unities to be created validly.
Public property is exempt from liens.
Invitees are owed the highest degree of care by landowners.
On May 1, 2005, Cynthia Hendrix bought her home and First Bank recorded its
mortgage. On June 24, 2007, Cynthia sold her home to Stanton Gulbrandsen for
$250,000. At that time, Cynthia's mortgage was $225,000. Stanton assumed Cynthia's
mortgage and gave Second Bank a second mortgage for $225,000. Second Bank did not
record its mortgage. On October 12, 2009, Stanton sold the home to Derek Bolger for
$275,000. Bolger took the property subject to the previous mortgages and executed a
$275,000 mortgage to Third Bank. Third Bank recorded its mortgage on October 18,
2009. Third Bank knew of the Second Bank mortgage.
In a race state, which mortgage company has priority?
a. First Bank
b. Second Bank
c. Third Bank
d. Impossible to tell from facts given
The Doctrine of Worthier Title
a. Applies to interests that will vest later than 21 years after the measuring lives
b. Applies to life estates with remainders to the heirs of the holder
c. Has been abolished in the United States
d. None of the above
In a state where the liens date back to the start of construction, what priority will the
permanent lender have
if liens exist when the mortgage is recorded?
a. Last priority
b. First priority if the lender is a permanent lender
c. The same priority as the construction lender
d. None of the above
Devon Corporation has a subsidiary, Tanks, Inc., that specializes in the collection and
cleaning of chemical drums. Tanks has not been cleaning or disposing of the drums
properly. Devon
a. Cannot be held liable for any of Tanks' missteps
b. Could be held liable as a parent corporation
c. Would need actual knowledge to be liable
d. None of the above
Which of the following will establish lack of capacity for execution of a will?
a. Eccentric behavior
b. Non-relative as a prime beneficiary
c. Judicial declaration of incompetency
d. None of the above
Which of the following is not required to establish a undue influence?
a. Confidential relationship
b. Fiduciary relationship
c. No other beneficiaries in the will
d. All of the above are required
Amanda Sykes has a net agency open listing with Tamicah Forest for the sale of
Tamicah's San Diego condominium for a listing price of $270,000. Tamicah was able to
talk a college friend into buying her condominium for $300,000. How much
commission does Amanda receive under this net open listing?
a. $27,000
b. $30,000
c. $3,000
d. None of the above
One of the effects of Superfund site designations
a. Is an increase in brownfields
b. Increased due diligence
c. No clean-ups
d. a and b only
On May 1, 2005, Cynthia Hendrix bought her home and First Bank recorded its
mortgage. On June 24, 2007, Cynthia sold her home to Stanton Gulbrandsen for
$250,000. At that time, Cynthia's mortgage was $225,000. Stanton assumed Cynthia's
mortgage and gave Second Bank a second mortgage for $225,000. Second Bank did not
record its mortgage. On October 12, 2009, Stanton sold the home to Derek Bolger for
$275,000. Bolger took the property subject to the previous mortgages and executed a
$275,000 mortgage to Third Bank. Third Bank recorded its mortgage on October 18,
2009. Third Bank knew of the Second Bank mortgage.
Assume Derek defaults on his loan, if the property is sold for $200,000 and the
mortgage balances are as follows, how much does First Bank get?
First '“ $215,000
Second '“ $200,000
Third '“ $272,000
a. $200,000
b. $195,000
c. One-third of $200,000
d. One-half of $200,000 because Second Bank didn't record
Suppose that the foreclosure sale brings $110,000, how much will each party receive?
Original mortgagee
a. $0
b. $2,000
c. $4,000
d. $6,000
e. $8,000
f. $92,000
Which deed provides the highest degree of title protection?
a. Quitclaim
b. Bargain and sale
c. Special warranty
d. Warranty
Which of the following will impose liability to the buyer on the broker?
a. intentional misrepresentation
b. negligent misrepresentation
c. failure to inspect the property
d. All of the above
Which of the following is not required for a valid financing statement?
a. Name of creditor
b. Name of debtor
c. Description of the property
d. Both a and c
e. All of the above are required
Devon Corporation has a subsidiary, Tanks, Inc., that specializes in the collection and
cleaning of chemical drums. Tanks has not been cleaning or disposing of the drums
properly. Devon
a. Cannot be held liable for any of Tanks' missteps
b. Could be held liable as a parent corporation
c. Would need actual knowledge to be liable
d. None of the above
A grant reads: "O does hereby quitclaim to B his farm, Hoosier Acres."
a. The deed is a quitclaim deed
b. O does not validly transfer title to B
c. B has no interest in Hoosier Acres
d. None of the above
Xenon Corporation had a contract to purchase a parcel of land for its new production
facilities. Xenon made a $50,000 down payment on the contract. Xenon just learned
that the property has restrictions on its use for industrial production. Where could
Xenon check to determine what the law is on the use of the property?
a. Local ordinances
b. Federal law
c. The state constitution
d. The Uniform Commercial Code
G leaves all his property "to my issue living 15 years after the completion of the probate
of my estate." What type of interest do the issue hold?
a. An executory interest
b. A vested remainder
c. A contingent remainder
d. None of the above
In the event there is an ambiguity in a description, which of the following would be
used to resolve the ambiguity?
a. The neighbors' ideas
b. Boundary markers
c. A plat map
d. None of the above
Which of the following is paid first from tax sale proceeds?
a. Mortgage amounts (first lien holders)
b. Taxes, interest, penalties and sales costs
c. Either a or b depending on the order of lien filing
d. None of the above
Life insurance proceeds
a. Are distributed according to the provisions of the will
b. Are distributed according to the laws of intestacy
c. Must go through probate
d. None of the above
'SE-1/4 of the NW-1/4 of T1N and R3E in Bucks County'
a. Is a valid legal description
b. Is a plat map description
c. Is a metes and bounds description
d. Is invalid
What is the source of common law?
a. Federal legislative enactments
b. The uniform laws that states have passed individually
c. The U.S. Constitution because it applies to all states in common
d. None of the above
The column lot
a. Is the airspace from the surface up to 23 feet
b. Is the airspace above 23 feet above the surface
c. Cannot be transferred
d. None of the above
A self-proving will carries a presumption of validity.
The town of Gilchrist, Iowa, has a zoning ordinance, in effect since 1935, that provides
for a single-family home on a two-acre lot, a duplex on a three-acre lot, and excludes
multifamily housing from all five zoning districts. Planned residential developments
(PRD) would be permitted to have multifamily structures. Gilchrist consists principally
of single-family homes with the majority of its residents commuting to work in Des
Moines. Toll Brothers, a residential home builder, has applied for approval for a permit
to construct a multiunit housing complex primarily for low- to moderate-income
families. The Gilchrist Board of Zoning has denied the application because of the
density the multiunit housing would bring, in violation of the lot size restriction. Can
Toll Brothers challenge the zoning plan successfully?
A life estate plus a remainder equals a fee simple.
What is the purpose of an architectural control committee?
An easement created by prescription does not pass with title to the land.
Decide the order of priority for the following creditor's and explain why.
April 12, 2009 '“ Wells Fargo mortgage on residential property of Jane Miyamoto is
recorded
April 30, 2009 '“ Paddock Pool Company records second mortgage within 10 days of
beginning pool construction
May 15, 2009 '“ Desert Vista Landscaping records lien within 10 days of completing
Jane's landscaping
May 30, 2009 '“ Saguaro Fans records PMSI in fans installed in Jane's home nine days
after their installation
The doctrine of revocation by operation of law is found in those statutes that revoke a
will upon divorce of the testator.
A solar water heating system in a home is an example of a fixture.
What is the difference between a tax deed and a certificate of sale?
Physical revocation requires some act of destruction of the original will.
